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LequteMan
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Nigeria - Oando Energy Resources Incorporated, a wholly-owned subsidiary of Oando Plc focused on oil and gas exploration and production in Nigeria, says it has significantly increased its oil reserves as a result of technical revisions and the acquisition of the Nigerian upstream oil and gas business of ConocoPhillips.
OER had on July 2014 completed the acquisition of the assets of United States-based ConocoPhillips for a total cash consideration of $1.5bn.
The company, in its announcement of its 2014 year-end summary reserves and resources for its assets in Nigeria, said its proved net reserves increased by 78 per cent to 288.5 million barrels of oil equivalent, while proved and probable net reserves increased by 82 per cent to 420.3 mmboe.
The increase, OER said, was largely due to recognising the precedence of the licence renewal under the Nigerian Petroleum Act, which is the basis of the extension of the reserves beyond the current license limit.
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#Punch
#Nigeria #Oando
OER had on July 2014 completed the acquisition of the assets of United States-based ConocoPhillips for a total cash consideration of $1.5bn.
The company, in its announcement of its 2014 year-end summary reserves and resources for its assets in Nigeria, said its proved net reserves increased by 78 per cent to 288.5 million barrels of oil equivalent, while proved and probable net reserves increased by 82 per cent to 420.3 mmboe.
The increase, OER said, was largely due to recognising the precedence of the licence renewal under the Nigerian Petroleum Act, which is the basis of the extension of the reserves beyond the current license limit.
click here to read more
#Punch
#Nigeria #Oando
